Comprehensive analysis of the Dubai real estate market: November 2024
Dubai's real estate market continued its momentum in November 2024, establishing strong performances and attracting a growing number of local and international investors. With a notable increase in transaction volumes and a continued rise in average prices per square meter, Dubai continues to assert itself as a global destination of choice for real estate investment.
This detailed analysis explores the market's performance over the month, with a focus on key segments, emerging trends and prospects for the future.
Overall performance in November 2024
In November 2024, the real estate market recorded :
- 14,484 real estate transactions, up 18.5% on November 2023.
- Total sales reached AED 43.1 billion, a slight increase of 1.8% on the previous year.
- An average price per square foot of AED 1,511, up 9.8% year-on-year, confirming the continued appreciation of residential and commercial properties.
Analysis of key segments
Apartments
The apartment segment dominated transactions in November, accounting for over 79.6% of total sales.
- Total transactions: 11,533 units sold, up 39.3% on November 2023.
- Total sales value: AED 21.1 billion, reflecting robust demand, particularly in popular areas such as Dubai Marina, Downtown Dubai, and Business Bay.
- Average price per square foot: AED 1,473, an increase of 8.5%, driven by demand for modern, well-located homes.
Buyers prefer apartments in areas with fast connectivity, modern infrastructure and quality services.
Villas and townhouses
The villa segment recorded a mixed performance in terms of volumes, but remains a key category for luxury properties.
- Total transactions: 2,205 units sold, down 25.7%, reflecting limited supply in certain high-end neighborhoods.
- Total sales value: AED 12.1 billion, confirming continued interest in spacious, exclusive properties in areas such as Palm Jumeirah, Dubai Hills Estate, and Emirates Hills.
- Average price: Luxury villas in iconic neighborhoods continue to sell at high prices, supported by a wealthy international clientele.
Off-plan projects
Off-plan sales continue to be a major growth driver for the real estate market.
- Significant transactions in emerging areas such as Mohammed Bin Rashid City, Dubai South, and Dubai Creek Harbour.
- Buyers prefer these projects for their competitive prices, flexible payment plans and potential for long-term added value.
Rental market
Dubai's rental segment continues to thrive thanks to growing demand from new residents and expatriates.
- Rents up: Average rents have risen by 9% compared with November 2023, particularly in areas such as Jumeirah Village Circle (JVC) and Dubai Marina, where rental yields are among the most competitive on the market.
- Attractive returns: With rates of return of up to 7% to 8%, rental properties remain a preferred choice for investors.
Growth factors
International investments
The United Arab Emirates continue to benefit from favourable policies, including :
- Long-term visas: Offering benefits to investors and their families.
- Tax advantages: The absence of income tax and incentives for property buyers make Dubai an attractive location.
Infrastructure development
Major infrastructure projects, such as the expansion of the metro's Blue Line and the construction of new bridges, are improving connectivity and making emerging areas more accessible.
Economic stability
Dubai's political and economic stability, combined with proactive government initiatives, is boosting investor confidence in the real estate market.
Outlook for 2025
Dubai's real estate market looks set for further growth in 2025.
- Luxury properties: Demand for high-end villas and apartments should continue to grow, fuelled by interest from international buyers.
- Emerging areas: Neighborhoods such as Al Furjan, Meydan, and Dubai South should attract investors looking for affordable properties with upside potential.
- Off-plan projects: These projects will continue to be a priority for investors seeking long-term opportunities and flexible payment options.
Conclusion
November 2024 confirms the resilience and global appeal of Dubai's real estate market. With rising transactions, sustained demand and competitive prices, Dubai continues to establish itself as one of the most dynamic destinations for real estate investment.
As the emirate continues its efforts to improve its infrastructure and strengthen its economic environment, the market offers unrivalled opportunities for local and international investors and buyers. Whether for high rental yields or innovative off-plan projects, Dubai remains a global benchmark for real estate.
